IHTM14055 - Investigating IHT100: excepted transfers

The taxpayer does not need to deliver an account of lifetime transfers where

• the total value of their transfers in any financial year do not exceed £10,000

and

• the cumulative value of all transfers in the previous 10 years does not exceed £40,000.

Trustees of an interest in possession trust ( IHTM16061) do not have to deliver an account for terminations of a person’s beneficial interest where

• that person’s annual exemption ( IHTM14141)

or

• marriage or civil partnership ( IHTM11032) gift exemption ( IHTM14191)

are made available to the trustees.

This definition of excepted transfers came into force from 1 August 02. See SI2002/1731 (Statutory Instrument 2002 no. 1731)